Free trade has been associated with several economic benefits, not only globally but also particularly for Australia. Here are some data points and context to support the positive stance on free trade:
Economic Surplus and Trade Growth:
In 2022, Australia had a surplus of AUD 155.73 billion in its balance on goods and services. The total exports of goods and services increased by 29%, amounting to AUD 668.94 billion, while imports increased by 33%, amounting to AUD 513.21 billion.
Impact on Import-Export Dynamics:
During the fiscal year 2019-2020, Australia's imports fell by over 5.7% due to travel-related and other restrictions, with the total value dropping from AUD 421.4 billion in 2018-2019 to AUD 397.9 billion. This indicates how external factors can impact trade dynamics, and by extension, the importance of free trade agreements in maintaining trade flows.
Bilateral Trade with the United States:
In 2019, two-way trade between the U.S. and Australia reached USD 67 billion. The United States had its third-largest trade surplus with Australia, amounting to USD 28 billion. Moreover, trade with Australia contributed to approximately 300,000 jobs in the U.S. across various sectors including manufacturing, motor vehicles, airlines, and telecommunications.
Regional Economic Integration:
Free trade agreements (FTAs) play a crucial role in promoting regional economic integration and building shared approaches to trade and investment between Australia and its trading partners. Such agreements can enhance trade and investment opportunities, contributing to the economic growth of less-developed economies.
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